Biden Student Loan Relief Plan Allows Increased Borrowing, Less Repayment

Abstract: The Biden plan is expected to boost participation in the income-driven repayments that lower the payment burden. Imposing a cap on a borrower’s income to qualify for cancellation or increasing the cancellation amount for low-income borrowers could alleviate the regressive nature of broad loan cancellation.

Keywords: consumer credit; education;

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Bibliographic Information

Provider: Federal Reserve Bank of Dallas

Source: Dallas Fed Economics

Publication Date: 2022-09-27